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One of the debates going on regarding the overhaul of financial regulation is about what decisions Congress should make and which it should delegate to regulators and other authorities, columnist David Wessel writes. For example, the House version of the bill would give the Federal Reserve authority to prohibit proprietary trading at major financial institutions, while the Senate version would require regulators to come up with similar rules. The left says regulators are given too much authority, while the right scrutinizes big government.

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Congressional negotiators completed a draft of legislation to overhaul financial regulation that would continue many worthwhile changes, according to this Washington Post editorial. The bill would create a consumer-protection bureau, develop a resolution mechanism for systemically important financial companies and force most derivatives trades through a clearinghouse. "On balance, the bill could improve the transparency and stability of financial markets," according to the editorial.

Citigroup, JPMorgan Chase and other credit card issuers are finding ways to increase interest rates and levy fees within the new laws. Federal banking regulators are scrutinizing the new approaches, which give the banks the opportunity to compensate for reduced profits.

MIT professor Andrew Lo, who was one of the first people to issue a warning about the financial crisis, discusses regulatory reform in a Fortune interview for CNNMoney.com. Lo is worried that legislation is being pushed ahead before experts fully understand what caused the most recent crisis. "There's great potential of unintended consequences. There are some of the causes of the crisis that this bill ignores," he said.

One of the debates going on regarding the overhaul of financial regulation is about what decisions Congress should make and which it should delegate to regulators and other authorities, columnist David Wessel writes. For example, the House version of the bill would give the Federal Reserve authority to prohibit proprietary trading at major financial institutions, while the Senate version would require regulators to come up with similar rules. The left says regulators are given too much authority, while the right scrutinizes big government.

Rep. Barney Frank, chairman of the House Financial Services Committee, said that the final version of the bill overhauling financial regulations would be debated and voted on in public hearings and not behind closed doors. Frank also expressed confidence that the legislation would be ready for President Barack Obama to sign by the Fourth of July. Many firms based in Massachusetts have raised concerns about measures within the legislation. Frank said he had discussed the issues with Fidelity Investments' Abigail Johnson, State Street's Joseph "Jack" Hooley and others.